1. According to Several Opinions on Promoting the Development of Gold Market, China has explicitly banned any form of "underground gold speculation". Investors who participate in "underground gold speculation" will be severely punished by relevant departments, and relevant information will be entered into the credit information system, which will affect customers' credit.

2. Banks, member units of gold exchanges and futures companies can carry out gold agency investment business. The relevant authorities of these three institutions are China Banking Regulatory Commission, People's Bank of China and China Securities Regulatory Commission, but there is no unified organization to define and manage OTC gold trading, which may easily lead to management blind spots. The legal provisions on "underground gold speculation and foreign exchange speculation" are unclear and have many loopholes.

3. There are three main types of conventional gold trading:

(1) is the gold spot deferred transaction (AUT+D) of Shanghai Gold Exchange;

(2) It is the gold futures trading of Shanghai Futures Exchange;

(3) Information on domestic banks' transactions in physical gold and other gold products.

Extended data:

There is still a big gap between the domestic gold market and the international gold market in terms of trading varieties, time, scale and services. It is extremely difficult to crack down on "underground gold speculation". The urgent task now is to increase publicity to attract investors to the formal gold trading channels.

To reject underground gold speculation from the source, it is far from enough to rely solely on the governance of relevant departments. It is also necessary for the country to increase its efforts to open up flexible gold trading business and let interested investors participate. In this way, fraud gangs will not use high "returns" to cheat and damage.

Phoenix. Com- underground gold speculation black hole exposes the blind spot of gold trading supervision